Pfizer Inc. (NYSE:PFE)

Current Assets

Current assets experienced a significant increase from 35,067 million US dollars at the end of 2020 to 59,693 million US dollars at the end of 2021. However, in 2022, current assets declined to 51,259 million US dollars, followed by a further decrease to 43,333 million US dollars by the end of 2023. There was a partial recovery in 2024, with current assets rising to 50,358 million US dollars.

Adjusted Current Assets

Adjusted current assets displayed a pattern closely mirroring that of current assets. Starting at 35,575 million US dollars in 2020, they increased notably to 60,185 million US dollars in 2021. After this peak, adjusted current assets declined to 51,708 million US dollars in 2022 and further to 43,803 million US dollars in 2023. In 2024, adjusted current assets rose again, reaching 50,796 million US dollars.

Trend Analysis

The data indicates a pronounced peak in both current and adjusted current assets in 2021, followed by a downward trend over the subsequent two years. The partial rebound in 2024 suggests some recovery in liquidity or short-term asset holdings. The close alignment between current assets and adjusted current assets throughout the period implies consistency between reported figures and adjusted valuations.

Total assets

The total assets show a consistent upward trend from 2020 to 2023, increasing from approximately $154.2 billion to $226.5 billion. This represents a substantial growth over these four years. However, in 2024, there is a noticeable decline to about $213.4 billion, indicating a contraction following prior growth.

Adjusted total assets

The adjusted total assets closely mirror the trend of total assets, rising steadily from around $153.8 billion in 2020 to approximately $225.2 billion in 2023. Similar to total assets, adjusted assets decline in 2024 to about $207.3 billion. The adjustment causes a slightly lower asset base each year compared to total assets, but the overall pattern remains consistent.

Summary of trends

Both total and adjusted total assets exhibited growth over the first four years, suggesting expansion in the asset base that could be associated with business growth, investments, or acquisitions. The reduction in 2024 could signify asset sales, impairment, or strategic reallocation. The parallel movement of adjusted and total assets implies the adjustment methodology is stable over time and does not materially change the trend interpretation.

The analysis of the annual financial data reveals key trends regarding the company's current liabilities over the five-year period from 2020 to 2024.

Current Liabilities

The current liabilities increased substantially from US$ 25,920 million in 2020 to US$ 42,671 million in 2021, indicating a significant rise in short-term obligations during that year. Following this spike, there was a slight decline in 2022 to US$ 42,138 million. In 2023, the current liabilities rose again to US$ 47,794 million, representing the highest level in the observed timeframe, before decreasing to US$ 42,995 million in 2024. Overall, the movement shows increased volatility with a general upward trend when comparing the start and end values.

Adjusted Current Liabilities

The adjusted current liabilities follow a very similar pattern to the reported current liabilities, starting from US$ 25,292 million in 2020 and sharply rising to US$ 41,855 million in 2021. A marginal reduction was recorded in 2022 to US$ 41,147 million, followed by an increase to US$ 46,469 million in 2023, which also represents a peak in the period. Finally, adjusted current liabilities decreased again in 2024 to US$ 41,312 million. The adjusted figures remain consistently slightly lower than the reported current liabilities, suggesting adjustments for certain items that reduce the short-term obligations.

In summary, the data indicates that both current liabilities and adjusted current liabilities experienced significant growth between 2020 and 2024, with some fluctuations in intermediate years. The peak levels recorded in 2023 imply an increased short-term liability burden during that year, followed by a reduction in 2024. The consistent difference between current and adjusted current liabilities suggests ongoing considerations or reconciliations in financial reporting, leading to slightly moderated liability figures in adjusted reporting.

The analysis of the annual financial data reveals several notable trends in the company's liabilities over the five-year period.

Total liabilities

The total liabilities demonstrated an overall upward trajectory from 2020 through 2024, with fluctuations in certain years. Starting at 90,756 million US dollars in 2020, liabilities increased to a peak of 137,213 million US dollars in 2023. This represented a substantial increase during the year 2022 to 2023 period. However, in 2024, a decline to 124,899 million US dollars was observed, indicating a reduction in total liabilities compared to the previous year but remaining significantly higher than the 2020 baseline.

Adjusted total liabilities

Adjusted total liabilities mirrored the overall trend of total liabilities but consistently reported slightly lower values, reflecting adjustments made to the total liabilities figure. Starting from 85,895 million US dollars in 2020, the adjusted liabilities increased steadily up to 134,585 million US dollars in 2023, with a subsequent decline to 120,657 million US dollars in 2024. The pattern indicates that the company's true or adjusted financial obligations closely tracked the unadjusted liabilities, with the downward adjustment difference maintaining a relatively stable gap over time.

In summary, the financial data show an increasing trend in the company's liabilities over the initial four years, followed by a notable reduction in 2024. This suggests potential measures to reduce liabilities or improved management of obligations in the most recent year while maintaining a relatively high level of debt compared to the start of the period analyzed.

The analysis of the annual financial data reveals several notable trends in the equity measures over the five-year period.

Total Pfizer Inc. shareholders’ equity

The shareholders' equity increased steadily from 63,238 million US dollars at the end of 2020 to 95,661 million US dollars by the end of 2022, indicating a period of growth in the company's net assets attributable to shareholders. However, after reaching this peak in 2022, the equity declined in subsequent years, dropping to 89,014 million in 2023 and further to 88,203 million in 2024. This suggests a reversal in the prior growth trend and could be reflective of changes in retained earnings, distributions to shareholders, or other comprehensive income adjustments.

Adjusted total equity

Adjusted total equity followed a somewhat similar pattern, starting at 67,902 million US dollars in 2020 and rising to 93,823 million by the end of 2022. Similarly, there was a decrease after 2022, with adjusted equity falling to 90,618 million in 2023 and 86,604 million in 2024. The adjusted figures being consistently higher than total shareholders' equity suggest certain adjustments or exclusions that positively affect the adjusted equity measure, but both metrics reflect the same overall trend of growth through 2022 followed by a moderation or decline.

In summary, both total shareholders' equity and adjusted total equity increased substantially from 2020 through 2022, highlighting a phase of equity expansion for the company. Following this peak, both measures experienced a downward adjustment through 2023 and 2024, pointing to some pressures or strategic financial decisions impacting the equity base in the most recent years.

The financial data indicates evolving trends in both debt and equity components over the five-year period under review. A detailed examination reveals the following insights:

Total Reported Debt

The total reported debt shows a decreasing trend from 2020 to 2022, declining from $39,836 million to $35,829 million. However, there is a significant increase in 2023, reaching $71,888 million, followed by a reduction to $64,351 million in 2024. This pattern suggests a major financing event or debt acquisition in 2023, partly offset in the following year.

Total Pfizer Inc. Shareholders’ Equity

Shareholders’ equity exhibits consistent growth from 2020 through 2022, rising from $63,238 million to $95,661 million. In 2023, equity slightly declines to $89,014 million and remains relatively stable with a marginal decrease to $88,203 million in 2024. The overall trend indicates strengthening equity until 2022, followed by a plateau and minor decrease thereafter.

Total Reported Capital

Total reported capital, the sum of debt and equity, follows a generally increasing trajectory. Starting at $103,074 million in 2020, it rises steadily through 2022, reaching $131,490 million. A pronounced increase occurs in 2023 to $160,902 million, aligning with the spike in debt, before slightly decreasing to $152,554 million in 2024. This pattern reflects increased capital deployment, primarily driven by debt expansion in 2023.

Adjusted Total Debt

The adjusted total debt mirrors the trend in reported debt, with a decline from $41,271 million in 2020 to $39,046 million in 2022. A sharp rise occurs in 2023, peaking at $75,041 million, before decreasing to $66,993 million in 2024. This suggests recalibrated liabilities or additional adjustments made to debt figures, but the overall pattern remains consistent with the reported debt.

Adjusted Total Equity

Adjusted total equity increases from $67,902 million in 2020 to a peak of $93,823 million in 2022. Subsequently, it declines moderately to $90,618 million in 2023 and further to $86,604 million in 2024. This mirrors the trend observed in reported equity, indicating consistent treatment in equity adjustments.

Adjusted Total Capital

The adjusted total capital rises steadily from $109,173 million in 2020 to $132,869 million in 2022. It jumps significantly to $165,659 million in 2023, followed by a reduction to $153,597 million in 2024. The pattern is in line with the adjusted debt and equity movements, reinforcing that the major capital increase in 2023 is attributable chiefly to increased debt levels.

Overall, the data portray a period of stable equity growth up to 2022, disrupted by a notable expansion in debt in 2023. This shift results in a surge in total capital, which somewhat retracts in 2024. The elevated debt levels in the later years suggest strategic leverage increases, possibly to finance significant investments or acquisitions. Meanwhile, the relative stability in equity during 2023 and 2024 implies limited new equity issuance or changes in retained earnings. The adjustment figures corroborate these observations, indicating consistent accounting treatments across the periods.

The financial data reveals significant fluctuations in the net income figures of the company over the observed five-year period. The net income attributable to common shareholders exhibited a marked increase from 9,616 million US dollars in 2020 to a peak of 31,372 million US dollars in 2022. This growth indicates a period of robust profitability.

However, a notable decline occurred in 2023, with net income dropping sharply to 2,119 million US dollars. Although there was some recovery in 2024 to 8,031 million US dollars, the figures remained well below the peak observed in 2022, signaling a period of financial volatility and reduced profitability compared to the previous peak years.

The adjusted net income before allocation to noncontrolling interests follows a similar pattern. Starting at 5,555 million US dollars in 2020, it rose substantially to 25,290 million US dollars by 2022. However, in 2023, this figure turned negative, reporting a loss of 149 million US dollars, which indicates the company faced significant operational or extraordinary challenges during this period.

In 2024, adjusted net income showed a recovery to 6,163 million US dollars, though still considerably below the 2022 high. This trend suggests that, despite challenges in 2023, there was some improvement in underlying profitability the following year, but the company had not returned to the strong financial performance seen earlier in the period.

Overall, the data reflects a cycle of strong growth followed by substantial decline and partial recovery across both net income and adjusted net income measures during the five-year span. The negative adjusted net income in 2023 is particularly notable, indicating a year of exceptional difficulty that significantly impacted profitability.